Andrea Pirlo's Players Are Struggling To Adapt Without Ronaldo

Italian outlet Corriere via SunSport is claiming that the manager’s honeymoon period is over as players are finding it difficult to adapt with the tactician’s strategy without striker Ronaldo. The Portuguese star was missing in their 1-1 draw away at Benevento as the reigning champions failed to hold onto their lead. Juventus dropped points yet again on the night the side was deeply frustrated with Alvaro Morata also receiving a red card after full time of the encounter for verbally insulting the referee. Top football manager attacks Messi, claims he has no passion for football when compared to Maradona After the match, Pirlo said there was the urgent need to rest Ronaldo as the player is exhausted with the number of matches he played in recent times. He said: "Already Wednesday in the Champions League he had a problem, but he had decided to play, It’s normal for someone to get tired and rest. "This time it was Ronaldo’s turn, others next. Ronaldo is an added value, but when

Oando: YTD September 2016 Results, Top Line Revenue

Nigerian indigenous energy group, Oando PLC,  listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited results for the six months period ended 30 September, 2016, with the following highlights:
Financial Highlights:
  • Turnover increased by 26%, N330.0 billion compared to N262.0billion (YTD Sept 2015)
  • Gross Profit decreased by 52%, N28.7 billion compared to N60.0 billion (H1 2015)
  • Loss-After-Tax decreased by 25%, (N35.9 billion) compared to .......
    (N47.6 billion) (H1 2015)
Operational Highlights:
  • Oando Energy Resources (OER) during the nine months ended September 30, 2016 recorded a 20% decrease in total production of 12.0 MMboe (average 43,617 boe/day) compared to 15.1 MMboe (average 55,154 boe/day) in comparative period of 2015
  • Oando Plc signs definite agreement to divest 49% voting rights in Oando Gas & Power (OGP) to Helios Investment Partners for $115.8 million
  • OGP throughput volume decreased by 31% to 43 mmscf/day in the nine months ended September 30, 2016 as compared to 62 mmscf/day in the comparative period of 2015
  • OGP Achieved 59% Completion in Central Horizon Gas Company (CHGC) Pipeline Expansion Project
  • OGP Achieved 93% Completion in Greater Lagos 4 Project
  • Significant progress maintained in growing our Oando Trading business through the exportation of Nigerian Crude oil and Petroleum Products
  • Over 11Mb of Crude Oil, 213,000 MT of refined petroleum products has been exported YTD.
The Nigerian economic environment continues to impact our business as we witnessed a further devaluation of the Naira during Q3, 2016, from an average exchange rate of N280.00:$1.00 in Q2 to an average of N316.00:$1.00 in Q3 2016, this has resulted in a net foreign exchange loss of N5.4 billion in the 3rd quarter. For the major part of the year we have faced operational challenges due to the unrest in the Niger Delta, however we find comfort in The Nigerian Government’s discussions and engagement in the region, indicating a possible resolution and as thus we expect our production levels to stabilise and gradually incline in the coming months. Despite these economic challenges, we must highlight our achievements in the 3rd quarter as witnessed by the improvement in our top line revenue as a result of our new business model of a diversified business with higher weighted dollar earnings in both the Upstream and International Trading businesses. This drove revenues up by 96% and led to significant foreign exchange gains between the second and third quarters.
Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando PLC said: “The third quarter witnessed the FGN establish a ceasefire with the militants responsible for production disruptions in the Niger Delta, leading to stabilised daily productions from our assets and expectations of imminent increases to our 2015 production highs of 56kbbls/day. We have also been proactive in our cost management initiative to ensure maximised value extraction for every barrel of oil produced as the global oil price still lingers below $50/bbl. We are pleased to have executed a SPA with Helios Investment partners for ~$116 million, representing 49% legal voting rights in the company’s midstream business, of which the proceeds of the divestment will be utilised towards the company’s debt restructuring initiative. Our trading business has grown significantly this year having exported over 11 cargoes of crude with volumes exceeding 11mmbbls and an additional 31 cargoes of other oil based products year to date. Our business model of dollar denominated earnings is taking shape as evidenced from the increased revenue line (95% increase) and future increases from the Upstream business through increased daily production rates and export trading businesses through increased lifting’s, with a focus to return our business to profitability by year end.”
Operational Update
Oando Energy Resources (OER) had an average production of 41,094 boe/day compared to 53,169 boe/day in the third quarter of 2015, this reduction was mainly due to the disruptions in the Niger Delta. Notwithstanding, the corporation continues to shrink its debt burden as witnessed by a reduction in debt from $900 million post acquisition in 2014 to $407 million today, signifying a total pay down of over 50% in 2 years.
In September 2016, we signed a definitive agreement with Helios Investment Partners to divest 49% voting rights in Oando Gas and Power. The agreed transaction consideration of US$ 115.8 million is conditional upon the receipt of regulatory approvals and subject to customary purchase price adjustments. Upon completion, 49% of the voting rights in OGP would be retained by Oando, while Helios Investment Partners will hold 49% and the residual 2% will be held by a local entity.
Oando Gas & Power throughput volumes were down to 43 mmscf/day in the 9 months period of 2016, from 62 mmscf/day in 2015, mainly due to the challenges in the Niger Delta which limited the supply of gas to the company.
The company achieved 59% completion of the Central Horizon Gas Company 8.5 km pipeline expansion project, the pipeline, which is set to be completed in the fourth quarter of 2016, and will increase the throughput capacity by 400%, thereby providing increased supply of gas in the South-East region of Nigeria. OGP connected 7 new customers to the pipeline network of GNL. These customers are expected to increase GNL’s gas volume sales in 2016. The business also connected 3 new major customers in GNSL, with significant increase in monthly volume sales performance.
Oando PLC successfully concluded the recapitalization and partial divestment of Oando Downstream for $210 million.
Our trading business posted revenues of N64.9bn in Q3 from lifting volumes exceeding 3mmbbls of crude and an additional 300,000MT of refined petroleum products.